Stock Market & Financial Investment News

Encana CEO Randall K. Eresman announces retirement Encana announced that Randall K. Eresman, President & Chief Executive Officer, has informed the Board of Directors that, he is retiring from Encana after serving the company for approximately 35 years. Mr. Eresman will also be retiring from the Board of Directors but he has agreed to stay on as an advisor until February 28, 2013 to assist with the transition. Clayton H. Woitas, a director of Encana and President and Chief Executive Officer of Range Royalty Management Ltd., has been appointed Interim President & Chief Executive Officer. Mr. Woitas will serve in this role while the Board of Directors conducts a search for a new President & Chief Executive Officer.

Encana reduces 2015 CapEx by $700M to $2.0B-$2.2BEncana is reducing its previously announced 2015 capital investment by approximately $700M to $2.0B-$2.2B. The company's 2015 capital program is now based on assumptions of $50 per barrel WTI oil prices and NYMEX natural gas prices of $3 per MMBtu. Encana expects total 2015 cash flow of $1.4B-$1.6B. The company intends to fully fund its 2015 capital program and dividend with anticipated cash flow combined with net proceeds of around $800M from the previously announced divestitures of certain Clearwater assets and Montney midstream infrastructure.